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Top 4 housing trends shaping San Diego's real estate market


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Spring is here, and the real estate scene is buzzing with possibilities! Read on for San Diego real estate news, local events and more!



 

San Diego Real Estate


Here's a breakdown of the "Top 4" housing trends that are shaping San Diego County’s real estate landscape in 2024:


1. Increased Seller Activity: After a record-low number of homeowners willing to sell in the high mortgage rate environment, there are finally more new sellers in 2024. With 84% of California homeowners having a fixed mortgage rate of 5% or lower, today’s 7.5% mortgage rate has prevented many potential sellers from listing their homes. However, in 2024 through March, there were 16% more FOR-SALE signs than in 2023, indicating a positive shift in seller activity.


2. Rising Inventory in Higher-Priced Homes: The active inventory has grown by 35% compared to last year, with more homes coming on the market, particularly in the higher price ranges. Higher-priced inventory typically takes longer to sell. This has led to both a growth in inventory and a slower market speed. The Expected Market Time has increased to 51 days compared to 31 days last year, indicating a slower market pace.


3. Stable Demand: The current demand trendline has been relatively stable, with demand remaining subdued due to the high mortgage rate environment and historically low seller activity. However, there are always buyers in every market, and demand is expected to break higher when rates drop substantially below the 7% threshold.


4. Impact of Mortgage Rates: Higher mortgage rates above the 7% threshold have been impacting the San Diego County housing market, leading to a slowdown in activity and impacting the number of closed sales. As long as rates remain above this threshold, the market is expected to continue at a slower pace.


Stay tuned for more updates and analysis on the evolving real estate landscape in San Diego County as we wait for the Fed to make its monetary policy decisions. If you have any specific questions, please reach out to Noel at 619-890-2877.

 

Coming Soon



Otay Mesa West

3622 Agosto St

3 BD l 2.5 BA | 1,300 SF $799,000


Welcome to this beautifully updated, single-story home in San Diego’s desirable Otay Mesa West neighborhood. As you pass through the automatic gate and elevated front yard, you enter a charming and versatile lanai, which can be used for a variety of indoor or outdoor purposes. Inside the home, abundant natural light illuminates the updated interior, featuring luxury vinyl plank flooring, tall baseboards, custom paint, and updated lighting and fixtures, exuding modern elegance at every turn. The chef-inspired kitchen boasts quartz countertops, a kitchen island with a waterfall edge and additional seating, wood shaker cabinets, and stainless steel appliances. Retreat to the primary bedroom with dual closets, remodeled ensuite bathroom, and direct access to the serene backyard. Two additional bedrooms, serviced by a remodeled hallway bathroom, provide comfortable accommodation for family or guests. The private, low-maintenance backyard is a perfect sanctuary to unwind and entertain in San Diego’s coveted climate. The beautiful pergola creates shade and the large side yard is a blank slate for creating a garden or grassy area. Conveniently located just minutes away from coastal Imperial Beach, Coronado, and the US-Mexico border, offering an ideal setting to call home.


To schedule a private showing contact me at 619.890.2877.

 

Recent Activity


PENDING

Jamul

2 BD 2 BA 1,820 SF $1,199,000

Representing Buyer



PENDING

North Park

5 BD 3.5 BA 5,981 SF $2,300,000

Representing Seller





SOLD

Lake Hodges

4 BD 3 BA 2477 SF $1,675,000

Representing Seller




SOLD

El Cerrito

3 BD | 2 BA | 1,958 SF | $1,349,000

Representing Buyer




 

Local Happenings


MAY 4-5TH | 11AM-8PM

Cinco De Mayo Old Town

With the lively culture in San Diego, we are nothing short of a good time for Cinco De Mayo! No better place to start, than right in the heart of Old Town. Bright colors, cuisine, and the music of Mexico are sure to breathe some life into your weekend.



MAY 9-12TH

Gator By The Bay

Deemed the "most-authentic Louisiana-themed music and food festival this side of the bayou", this event speaks for itself! Stop by Point Loma to experience the true southern-comfort experience -- no plane tickets needed. Trumpets will be blaring, and beignets will be powdered!



MAY 12TH | 10AM - 3PM

Mother's Day Brunch at Hotel Del Coronado

If you're looking to splurge for all the special mothers or parents in your life, the Hotel Del Coronado is hosting in style! Awaiting you is wide array of elegant brunch menu options including seafood, premium butcher block cuts, dessert bar, and champagne. Bring the family along, or leave them with the babysitter, whatever Mom wants.


MAY 18TH | 10AM - 3PM

OB Kite Festival

Hosted by the Ocean Beach Kiwanis Club, this is the longest-running kite festival in the United States! You're encouraged to bring or DIY your own kite to join in on the fun. Enjoy the community fair, food vendors, and even special appearances from professional kite flyers (who knew!). Kids and kids-at-heart are welcome.

 

Lifestyle Tips and Tricks


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Noel Wheeler

REALTOR

619-890-2877

DRE#01373389

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